On maps of the 16th century of Wenceslaus Grodecki there is a region identified as "Codima solitudo, uastissima" (a very vast desert).

It is believed that the Kodyma's etymology of Turkic origin and means a lower saturated with water place.

[4][5] In the Polish Geographic dictionary (Słownik geograficzny) it is mentioned as a small town (miasteczko) in Balta county and has a train station on the Kyiv–Odesa railroad.

The city foundation date is stated as 1754, however according to the Geographic Dictionary Kodyma as a real estate existed before and belonged to the family of Zamoyski.

In addition to the ethnic Ukrainian majority, which makes up more than 90% of the population, Kodyma is home to small Russian, Moldovan and Belarusian minorities.